POST UTME ELIZADE UNIVERSITY 2018 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's trading account shows a profit of ₦1,500,000. However, the company's profit and loss account shows a loss of ₦800,000. What is the reason for the discrepancy?
Question 2
A company's bank statement as at 31st December 2022 shows the following:
Balance as per bank statement: ₦200,000
Bank charges: ₦5,000
What is the corrected balance?
Question 3
A manufacturing company uses a job costing system. The following information is available for Job No. 101: Direct Materials: ₦15,000; Direct Labour: ₦8,000; Overheads: ₦12,000. Calculate the total cost of Job No. 101.
Question 4
A company's balance sheet as at 31st December 2022 is as follows: Share Capital: ₦500,000; Reserves: ₦300,000; Debtors: ₦200,000; Creditors: ₦100,000. Calculate the net worth of the company.
Question 5
A company's balance sheet shows the following:
| Assets | ₦ | Liabilities | ₦ | Capital | ₦ |
| --- | --- | --- | --- | --- | --- |
| Cash | 1,000 | Debentures | 10,000 | | |
| Bank | 5,000 | Loans | 8,000 | | |
| Stock | 12,000 | | | | |
| | | | | | |
What is the amount of bank?
Question 6
A company has a cash balance of ₦500,000 and a bank overdraft of ₦200,000. The company also has a credit balance of ₦150,000 in a bank account. Prepare a cash flow statement for the company.
Question 7
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Cash | ₦10,000 | |
| 2 Jan | Bank | | ₦15,000 |
| 3 Jan | Cash | | ₦8,000 |
| 4 Jan | Bank | ₦12,000 | |
| 5 Jan | Cash | | ₦9,000 |
What is the balance of the bank account?
Question 8
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Cash | ₦10,000 | |
| 2 Jan | Bank | | ₦15,000 |
| 3 Jan | Cash | | ₦8,000 |
| 4 Jan | Bank | ₦12,000 | |
| 5 Jan | Cash | | ₦9,000 |
What is the balance of the cash account?
Question 9
A company has a capital of ₦2,000,000 and a reserve of ₦500,000. The company also has a profit of ₦750,000. Prepare a balance sheet for the company.
Question 10
A company's manufacturing account shows a cost of goods sold of ₦1,200,000. However, the company's balance sheet shows a cost of goods sold of ₦1,500,000. What is the reason for the discrepancy?
Question 11
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable after 5 years. Calculate the amount of discount on the debentures.
Question 12
A company issued 5,000, 10% debentures of ₦100 each. The debentures are redeemable at a premium of 10% after 5 years. Calculate the amount of premium to be paid.
Question 13
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 | Cash | 1,000 | |
| 2 | Bank | | 1,500 |
| 3 | Cash | | 800 |
| 4 | Bank | | 1,200 |
| 5 | Cash | | 1,000 |
What is the balance in the bank account?
Question 14
A company's profit and loss account for the year ended 31st December 2022 is as follows: Gross Profit: ₦1,000,000; Operating Expenses: ₦500,000; Depreciation: ₦200,000. Calculate the net profit for the year.
Question 15
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 | Cash | 1,000 | |
| 2 | Bank | | 1,500 |
| 3 | Cash | | 800 |
| 4 | Bank | | 1,200 |
| 5 | Cash | | 1,000 |
What is the balance in the cash book?
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.
Unlock Full Access
Available for Android & Windows